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The abuse and misuse of the term “Austerity” Implications for OECD countries

Author

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  • Barry Anderson
  • Elizabeth Minneman

Abstract

Austerity has become a widely used term in economic research and popular media as many countries have recently implemented deficit reduction policies. This article begins by exploring definitions of austerity used in research and the ways these different definitions impact analysis of policy effects. The article then takes into account a number of factors that can affect the outcome of these so-called austerity measures, including economic conditions, time period, and parties impacted by the policies. Without a clear definition of austerity and the contexts under which it is implemented, a conclusive analysis of austerity’s effects cannot be conducted. This article concludes that the term “austerity” will remain a confusing term that can breed misunderstanding, social uprisings, political unrest, and ill-prescribed solutions to economic problems. JEL classification: H10, H12, H41, H60 Keywords: Austerity, spending cuts, deficits, tax increases, recession

Suggested Citation

  • Barry Anderson & Elizabeth Minneman, 2014. "The abuse and misuse of the term “Austerity” Implications for OECD countries," OECD Journal on Budgeting, OECD Publishing, vol. 14(1), pages 109-122.
    • Handle: RePEc:oec:govkaa:5jxrmdxc6sq1
    DOI: 10.1787/budget-14-5jxrmdxc6sq1
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    Cited by:

    1. Juan Carlos Moreno-Brid & Noel Pérez-Benítez & Héctor J. Villarreal, 2016. "Austerity in Mexico: Economic Impacts and Unpleasant Choices Ahead," World Economic Review, World Economics Association, vol. 2016(7), pages 56-68, July.
    2. Klaus Gründler & Niklas Potrafke, 2019. "Ideologically-charged terminology: austerity, fiscal consolidation, and sustainable governance," CESifo Working Paper Series 7613, CESifo.

    More about this item

    Keywords

    austerity; spending cuts; deficits; tax increases; recession;
    All these keywords.

    JEL classification:

    • H10 - Public Economics - - Structure and Scope of Government - - - General
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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